Oil Ministry Signs Three Exploration Agreements Worth $139.2M

Oil Ministry Signs Three Exploration Agreements Worth $139.2M

Oil minister Tarek El Molla signed three new exploration contracts to drill 15 wells in the Mediterranean and the Western Desert with an investment budget of $139.2 million and a $55 million signing grant, Egypt Oil & Gas reports.

The first agreement was signed with EGAS, Tharwa Petroleum, and Italy’s Eni to drill two wells in the Noor concession with a total investment of $105 million.

Eni announced that it will start drilling in the new concession before the end of the year, Amwal Al Ghad reported.

The second agreement was signed with EGPC, Eni, and the Croatian INA-Industrija Nafte to drill nine wells in Ras Qattara region in the Western Desert with a $11.7 million investment. EGPC, Eni and BP will dedicate $22.5 million to drill another four wells at Nidoko in the Nile Delta.

El Molla also said that the Ministry of Petroleum is planning to sign more exploration and production agreements.


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